Dart Group PLC Disposal (4508O)

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RNS Number : 4508O

Dart Group PLC

01 June 2020

1 June 2020

Dart Group plc

("the Group")

Sale of Fowler Welch

Dart Group plc, the Leisure Travel and Distribution & Logistics group, today announces that it has completed the sale of its Distribution and Logistics business, Fowler Welch to Culina Group Limited for a gross cash consideration of GBP98.0 million (the "Transaction").

Fowler Welch is one of the UK's leading providers of food supply-chain services and serves retailers, processors, growers and importers through its distribution network. In addition, the business has a 50% share in a joint venture fruit ripening and packing business, Integrated Service Solutions, located at its Teynham facility. At 31 March 2020, Fowler Welch had unaudited net assets of GBP60.5 million.

The Board believes that the Transaction will enable the Group to focus on its long-term strategy of growing its Leisure Travel business and, importantly, enables Fowler Welch to continue to flourish and grow profitably under new ownership.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information please contact:

 
  Dart Group plc 
   Philip Meeson, Executive Chairman 
   Gary Brown, Group Chief Financial 
   Officer                                  0113 239 7817 
 Cenkos Securities plc 
  Nominated Adviser 
  Katy Birkin / Russell Cook/ Harry 
  Hargreaves                               020 7397 8900 
 Canaccord Genuity 
  Joint Broker 
  Adam James                               020 7523 8000 
  Arden Partners 
   Joint Broker 
   Paul Shackleton / Daniel Gee-Summons     020 7614 5900 
 Buchanan 
  Financial PR 
  Richard Oldworth                         020 7466 5000 
 

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June 01, 2020 02:00 ET (06:00 GMT)